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AllianceBernstein.comAllianceBernstein: A Leader in Fixed Income Investing3As of September 30, 2012*Includes global and regional single and multi-sector mandates Global Resources57Research Analysts 52Portfolio Managers19TradersGlobalMulti-Sector*$68billionEmerging Mkts/High Income$67billionCredit$86billionUS Tax-Exempt$29billionFixed-Income Assets Under Management: $250 BillionAs of March 31, 2013*Includes global and regional single and multi-sector mandates

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AllianceBernstein.comToday’s Challenge: Increasing Your Income While Preserving Your Capital4With extreme low levels of government and credityields. Interest rates also at very low levels butpoised to rise. Investors require a solution.AllianceBernstein’s Income platform wasdesigned specifically for this challenge and hasdelivered impressive results over timePast performance does not guarantee future results.As of 31 March 2013

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AllianceBernstein.com1-Year 3-Year 5-Year 10-YearLife ofFundACMBernstein AmericanIncome Portfolio*Quartile:Rank: 8/115 6/100 4/94 1/66 1/21ACMBernstein Global HighYield Portfolio**Quartile:Rank: 12/78 20/51 8/39 2/24 2/5ACMBernstein EuropeanIncome Portfolio† Quartile:Rank: 4/70 2/55 1/48 1/28 8/20ACMBernstein SICAV –Euro High Yield‡ Quartile:Rank:ACMBernstein SICAV –Asia-Pacific Income Portfolio§ Quartile:Rank: 15/28 13/24AllianceBernstein: Leaders In Income Generation61st 1st 1st 1st 1stPast performance does not guarantee future results.As of 31 March 2013*Inception date of 1 July 1993—Lipper Category: Bond—USD; **Inception date of 22 September 1997—Lipper Category: Bond—Global High Yield; †Inception date of 26 February 1999—LipperCategory: Bond—Europe ; ‡Inception date of 23 May 2011—Lipper Category: Bond—CNY; §Inception date of 8 February 2012—Lipper Category: Bond—Asia PacificLipper rankings are based on total returns at net asset value and do not include the effect of the fund’s maximum front-end sales charge for Class A shares. Results would have been lessfavorable had sales charges been included. The fund is ranked within the Lipper categories as detailed above, which includes funds that have generally similar investment objectives to theAllianceBernstein funds. Rankings shown are for Class A shares only, although other share classes are available for which management fees and sales charges will differ and rankings may vary.Investors can’t invest directly in indices or averages, and their performance does not represent the performance of any AllianceBernstein mutual fund.Source: Lipper and AllianceBernstein1st 1st 1st 1st1993199920102012Inception2nd1st19971st1st 1st3rd1st 2nd2nd3rd1st

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AllianceBernstein.comAllianceBernstein’s Income PlatformOur Experience Shows:8Key requirements for Income Strategies :1. High Income on a Consistent and Stable Basis2. Capital Stability3. Protection During Rising Rate EnvironmentPast performance does not guarantee future resultsAs of 31 March 2013

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AllianceBernstein.comPast performance does not guarantee future results. Historical information provided for illustrative purposes only.As of 31 December 2012. Net of fees.*Assuming an investment in 143,472 European Income Portfolio A (EUR) shares on 31 December 2007 at a price of 6.97 each.Source: AllianceBernstein02,0004,0006,0008,000-200,000400,000600,000800,0001,000,0001,200,000Dec07Mar08Jun08Sep08Dec08Mar09Jun09Sep09Dec09Mar10Jun10Sep10Dec10Mar11Jun11Sep11Dec11Mar12Jun12Sep12Dec12Income (€)Growth of €1mIncome (right scale) Capital (left scale)European Income PortfolioMonthly Income and Capital Value for €1 million Invested on 31 December 2007*9Stability of Income and CapitalEuropean Income Portfolio: Distributions and Capital Over Time Capital of €1,038,737 at the end and total income of €272,582 earned during the last 5 years.

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AllianceBernstein.comPast performance does not guarantee future results. Historical information provided for illustrative purposes only.As of 31 December 2012.In US dollar. Net of fees.*Assuming an investment in 116,144 American Income Portfolio A (USD) shares on 31 December 2007 at a price of 8.61 each.Source: AllianceBernstein02,0004,0006,0008,000-200,000400,000600,000800,0001,000,0001,200,000Dec07Mar08Jun08Sep08Dec08Mar09Jun09Sep09Dec09Mar10Jun10Sep10Dec10Mar11Jun11Sep11Dec11Mar12Jun12Sep12Dec12Income ($)Growth of $1mIncome (right scale) Capital (left scale)American Income PortfolioMonthly Income and Capital Value for $1 million Invested on 31 December 2007*10Stability of Income and CapitalAmerican Income Portfolio: Distributions and Capital Over Time Capital of $1,072,009 at the end and total income of $274,297 earned during the last 5 years.

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AllianceBernstein.com020406080100Mar08Jun08Sep08Dec08Mar09Jun09Sep09Dec09Mar10Jun10Sep10Dec10Mar11Jun11Sep11Dec11Mar12Jun12Sep12Dec12Mar13Government-Related* IG Corporates HY Corporates EMD Covered Bonds Other**14Sector weighting will vary over time. As of 31 March 2013*Government-Related includes treasuries, local governments, sovereign agencies, quasi-sovereigns and supranationals.**Other includes inflation-linked bonds, cash and currency instruments.Based on the European Income Portfolio. Numbers may not sum due to rounding.Source: AllianceBernsteinEuropean Income Portfolio Sector WeightsPercent over TimeA Multisector Approach To Constructing The BarbellDynamic Sector Allocation is Key to Generating Income and ReturnsConstruct High Quality End- Government- Covered Bonds- High Quality IG Corporate- Yield Curve FlattenersConstruct High Income End- High Yield Corporate- EMD Corporate/Sovereign- FX Carry Premium

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AllianceBernstein.comThe Expert Corner:Experience, Deep Research and Proven Investment Process16Proven Investment process developed over thepast 40 yearsExperienced team of portfolio managers 22 years experience of the industry 11 years average tenure with AllianceBernstein10 fixed income quantitative analysts7 economists40 credit analystsUS$247bn billion total fixed income assetsunder managementPast performance does not guarantee future resultsAs of 31st March 2013Source: AllianceBernstein

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AllianceBernstein.comThe AllianceBernstein Income Tool BoxDirect High Income and/or Balanced Income Generating Products17Current distribution yield* and monthly incomeon a €1 million investment**Global High Yield5.58%or€4,625 p.m.Past performance does not guarantee future resultsAs of 31 March 2013. Net of fees.*Distribution yields for Global High Yield Portfolio AT EUR Hedged share class, Euro High Yield Portfolio A EUR shares, American Income Portfolio AT EUR Hedged share class, European IncomePortfolio A (EUR) share class and Asia-Pacific Income Portfolio AT EUR Hedged share class. Distribution yields will vary with daily NAV and potential distribution changes by the managementcompany.**Income for a €1,000,000 investment in Global High Yield Portfolio AT EUR Hedged shares, Euro High Yield Portfolio A EUR shares, American Income Portfolio AT EUR Hedged shares,European Income Portfolio A EUR shares and Asia-Pacific Income Portfolio AT EUR Hedged shares.Source: AllianceBernsteinEuropean Income4.41%or€3,675 p.m.American Income4.19%or€3,491 p.m.Asia-Pacific Income3.72%or€3,100 p.m. Balancing higher yield andstability of invested capital Searching for higher yieldEuro High Yield5.46%or€4,550 p.m.

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AllianceBernstein.comPast performance does not guarantee future results. Historical information provided for illustrative purposes only.As of 31 December 2012.In US dollar. Net of fees.*Assuming an investment in 208,768 Global High Yield A (USD ) shares on 31 December 2007 at a price of 4.79 each.Source: AllianceBernstein02,0004,0006,0008,000-200,000400,000600,000800,0001,000,0001,200,000Dec07Mar08Jun08Sep08Dec08Mar09Jun09Sep09Dec09Mar10Jun10Sep10Dec10Mar11Jun11Sep11Dec11Mar12Jun12Sep12Dec12Income ($)Growth of $1mIncome (right scale) Capital (left scale)Global High Yield PortfolioMonthly Income and Capital Value for $1 million Invested on 31 December 2007*21Global High Yield Portfolio: Distributions and Capital Over Time Capital of $985,386 at the end, but total income of $347,662 earned during the last 5 years.

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AllianceBernstein.comIncome Q&A: Creating Distributions, while Maintaining Stability22How does the fund create income distributions? The fund buys bonds and receives coupons form those bonds The coupons constitute the income stream for the distributions (dividends) to investorsWhy does the amount of income change over time? The coupons available in the markets vary depending on the overall market environment A dividend distribution committee convene monthly and sometimes decides to adjust the amount paid pershare, to stay in line with coupons available in the marketsOur goal is to continue to provide stable income to our investors Maintain the balance between our search for high income and the stability of the fund Maintain the balance between maximizing distributions and minimizing changes to distributions